Mutual Fund : Foreign MF Houses Quit Despite Strong Retail Inflows
Over the past two years, as Indian equity markets were on a strong bull run, retail investors flocked to the market through mutual funds. Retail investors put in Rs1.32 lakh crore in equity schemes over this period. Despite the strong inflows, foreign asset managers have decided to quit the Indian mutual fund business. Over the past few months, Goldman Sachs sold its mutual fund business to Reliance Mutual; Nomura Asset Managers sold 19.3 % of its 35% stake in LIC-Nomura MF to LIC Housing and KBC Asset Management (of Belgium) sold 49% stake in Union-KBC AMC to its Indian partner Union Bank. A few months earlier, Deutsche Bank had sold its fund business to Pramerica Mutual Fund.
 
Do they fear that the inflows will soon turn into outflows, if the market begins to move sideways? Frustrated by poor market prospects after 2009, a number of global players like Fidelity, Daiwa, Morgan Stanley, ING and PineBridge exited the Indian mutual fund business. 

User

Pension : Gratuity to Government Employees under National Pension System?
The government is considering providing gratuity on retirement to its employees covered by the National Pension System (NPS). Central Civil Services (Pension) Rules were hitherto not applicable to the government employees appointed after 31 December 2003, according to minister of state for finance Jayant Sinha, reports PTI.
 
On introduction of NPS, from 1 January 2004, the rules governing gratuity were changed. However, the benefit of death or retirement gratuity had been extended to the Central government servants covered by New Pension Scheme on a provisional basis from 5 May 2009. “This was in respect of Central government employees covered by NPS in cases where a government servant is retired on invalidation not attributable to government duty, or death in service not attributable to government duty,” Mr Sinha said.

User

Mutual Fund : Birla Sun Life Mutual Fund Launches eKYC
Birla Sun Life Mutual Fund launched a new, online electronic-know your customer (eKYC) facility which allows first-time investors in mutual funds to complete their KYC formality online. Quantum Mutual Fund was the first to launch eKYC for investors. Both asset management companies follow a similar eKYC process.
 
Investors can use eKYC process to submit their details and documents digitally from remote locations without physically visiting submission centres. Once the eIPV (electronic in-person verification) is completed, KYC formalities are over and the KRA (KYC registration agency) will process the documents.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)